The Frankfort roundabout. [volume] (Frankfort, Ky.) 1882-1908, 1887-08-20
The New State Tax Law.
To the Editor Of the COurIer-JOurnal.1

What is the taxpayer going to do
about the new assessment law? The
Louisville business man, we mean, who is
at this moment gloomily contemplating a
postal card from the sheriff's Office of Jeffer-
son county, with astonishing figures in the
left hand upper corner. He has com pared
these figures with his State and county
taxes Of the preceding year and finds they
are from 50 to 100 per cent. higher than
before. He knows too well he is not from
50 to 100 per cent. richer, and that there
has been no such increase in the nominal
rate Of State and county taxation. His
first impression is that there is some gross
mistake-but no, there flashes upon him
the recollection of that uuhandsome yellow
assessment blank Of last September which
so aggravated him at the time. A blank
with rulings and columns for every con-
ceivable species Of property under the sun
for every item of his possessions, whether
paid for or not, and for all that was due
him by account or note, but leaving him
not so much as one little corner in which he
might set down what he owed. What he
owned and what was owing him-that was
all the assessor was after. His debts might
be mountain high, but the assessor had
nothing to do with them except to make
certain that they were not deducted from
the taxable total.
Formerly man was taxed upon his net
worth, or the so-called "resduary." Un-
der the new law he is to be taxed on what
he is worth and his debts besides. The
effect is to add this year, for Louisville
basis for taxation.
- &c al
wholly incorrect in principle and unjust IN
operation. 1t may be treble, or quad
ripple, or even quintuple taxation. A, a
large jobber, who has bought large guam
titles of goods on time, sells B, and takes
his notes; and B sells c and ID, who in their
turn distribute the goods among the remain
ing letters of the alphabet. On the 18th
of September, A. B, c and ID have not pos
session of the goods, nor have they paid or
been paid for them; bnt each and all are
taxed for them by the State through their
accounts, or bills receivable. 1t is noble
scheme for the indefinite multiplication Of
personal property. In an active CONNER
cal community doing business largely
upon credit, the State can. by the aid of
this law, roll up returns Of so-called per-
sonal property for taxation in excess of all
the actual wealth, both real and personal,
within its borders.
1t is law which bears hardest upon the
most active and enterprisng portion of the
The capable and laborious
business man whose capital is small but
whose capacity and integrity enable him to
borrow one hundred thousand dollars to
put into manufacturing, pays under this
law the same taxes as the man who really
owns the capital so used, and who does the
no service except by loaning
his money out at the biggest premium he
can command. The larger the amount
borrowed the heavier the tax upon the
borrower. Instead Of encour.
aging the development Of business the law
is premium on restriction.
A leading Main street commercial firm
some time ago started factory in Louis.
vile, its members becoming incorporated
for the purpose. The firm, having ample
credit, borrowed money in order to lend in
turn to the factory. The factory owes the
firm for its tools and machinery, its raw